Good day, everyone. Welcome to the conference call to discuss Brava Energia's second quarter 2026 earnings results. The presentation and comments about the results will be made by Brava's CEO, Richard Kovacs, and other members of the management. There is simultaneous interpreting on the platform. To access it, you need to click on the interpretation button on the bottom of the screen and choose the language of your preference. This conference call is being recorded and will be available on the company's IR website, ri.bravaenergia.com, where you can find the presentation that we will show here. Please note that all participants will be in listen-only mode during the company's presentation. Later, there will be a Q&A session when further instructions to participate will be provided. Before proceeding, we would like to inform that forward-looking statements are based on beliefs and assumptions of Brava Energia's management and any information currently available to the company. Forward-looking statements may involve risks and uncertainties as they refer to future events and depend on circumstances that may or may not occur. Investors, analysts, and journalists should take into account that events related to the macroeconomic environment, segments, and other factors may cause results to differ materially from those expressed in such forward-looking statements. We will now begin the presentation by giving the floor to Mr. Richard Kovacs. Please, Mr. Kovacs, you may proceed. Good afternoon, everyone, and welcome to Brava's earnings conference call for the second quarter. I'll begin the presentation with a slide about our highlights. The second quarter was marked by a positive combination of operational progress and strong financial performance. We achieved an average daily production of 82,000 bbl of oil equivalent, up 8% quarter-on-quarter, already surpassing the average recorded in 2025. This result primarily reflects the greater contribution from offshore assets, combined with a gradual resumption of production at Potiguar Basin. On the financial front, we set all-time records for revenue and adjusted EBITDA, driven by higher sales volumes, better prices, and strong performance in the downstream segment, which achieved a record margin for the quarter. We also continue to make progress on our value creation agenda. Q2 2026 marked the fifth consecutive quarter of reduction in the company's net debt, accompanied by a continued reduction in the cost of debt. These milestones are complemented by a high operating efficiency of our assets and the excellent execution of the drilling campaign, our main driver of organic growth for the coming quarters. In terms of cost efficiency, we completed the first phase of the Brava Eficiente project in July with significant results in identifying and capturing gains, which represented hundreds of millions of barrels in present value for the company. Finally, we highlight that the auction related to Ecopetrol's entry as a reference shareholder for the company took place yesterday on B3, with settlement scheduled for August 17th. This marks an important milestone for the next phase of Brava's strategic trajectory. Turning now to operational highlights, the quarter demonstrated Brava's availability to simultaneously execute initiatives focused on growth, efficiency gains, and operational transformation. We made progress in stabilizing production, advanced our offshore drilling campaign, and inaugurated the Integrated Operations Center, COI, in Potiguar, which represents a new level of control and management of onshore assets. As mentioned in the highlights, our average production reached 82,000 bbl of oil equivalent per day during the quarter, continuing the recovery trend observed since the beginning of the year. This growth was supported primarily by the offshore assets, notably Atlanta, Papa-Terra, and Parque das Conchas, along with a gradual return to normal production levels onshore, including increased production in the Potiguar Basin. More important than one-time growth is the operational consistency we're building, laying a solid foundation for the next phase of production increases associated with the drilling campaign currently underway. I'll now turn the floor over to our Offshore Operations Officer, Carlos Travassos. Thank you. Thank you, Richard. Good afternoon. Well, I'm going to go over some highlights of the Offshore Operations Division. I'll talk a little about operations, but I'll also cover some points related to our drilling campaign at Papa-Terra as well as Atlanta. In terms of operations, we had a rather stable quarter, both at Papa-Terra and Atlanta, as well as at Peroá, with very consistent production. At Atlanta, we signed off on the so-called final completion, which means that we recognize the top side as complete, and that's underscored by the final commissioning of the two deck boilers and the steam turbine as well. That, in a way, speaks to the stability we've had on the asset, both on the top side and in the sub-sea system in the MPPs. The challenge now in Atlanta that is in the coming phases is to prepare the unit to receive production from the two producing wells that will come online in the first half of next year. Moving on to Papa-Terra. Papa-Terra also maintained the efficiency we've been seeing in recent months. Let's keep in mind that we are currently in a scheduled production shutdown at Papa-Terra, which began on July 29th. The shutdown is going extremely well, very much in line with what we planned. The main activity we planned for this shutdown was the boiler inspection. This was our main point of attention because with an inspection, you never know what you're going to find. Fortunately, we were prepared for everything that came up during the inspection. The boiler has already been restarted and is now operating, which significantly mitigates our risk of not having oil heating. You're all familiar with the story of Papa-Terra. Oil heating is important to us. Still talking about Papa-Terra. I'm moving briefly to the drilling campaign. The challenge we currently face at that asset is precisely preparing the unit to receive the two wells, which are in the final stages of drilling and completion. We currently have four major work fronts on board. The first is to bring our gas consumers into compliance. We need to ensure that all gas-consuming equipment is compliant and ready for operation, so that we can meet the applicable requirements and continue maintaining gas utilization at the high levels we have been achieving. The second is the preparation of the pull and winch. We did a major retrofit on the pull and winch, which was non-operational for quite a while, since the previous operator's time. We carried out structural repairs, equipment and cable replacement, and wrapped up with a load test. The pull and winch is also already commissioned and operational. The third work front is our oil path. We need to prepare the processing plant to receive the oil, i.e., valve replacement, structural repairs, piping replacement, and automation preparation. Finally, and perhaps most importantly, one activity currently underway during this shutdown, which is the replacement of the heat exchangers. This allows wells 52 and 53 to operate, but it also addresses a key efficiency bottleneck at Papa-Terra. Those of you who follow Papa-Terra know this well. You know that heating is critical for a heavy oil unit, and we have been experiencing recurring issues with the heating system. We're putting a definite end to these issues, since we've not only purchased new heaters, but also redesigned the systems. Now speaking a bit more about the campaign, the timeline shown on screen. In March 26th, the Constellation unit arrived on location, the Lone Star. Just to recap, as I mentioned on the last call, we carried out batch drilling, meaning we drilled certain phases on wells 52 and 53 to optimize logistics and equipment utilization. Today, we have four phases drilled on PPT-53, and we went in, installed the Christmas tree, and performed the temporary abandonment. On well 52, we've already completed the drilling phase and also finished the lower completion phase. We are now moving into the upper completion of that well, also fully in line with what we had planned. We already have the PLSV mobilized. It was mobilized on July 15th. It's also already in operation at Papa-Terra. The campaign is tracking very much in line with everything we have planned. We expect first oil to flow in the second half of this year. We'll start producing on both well 52 and well 53 this year, while at Atlanta, first production is expected in the first half of next year. In October 26th, the rig will leave Papa-Terra and start operating at Atlanta. Then, I'll wrap it up here. Of course, I'm available to answer your questions in the Q&A as usual, I'll now turn the floor over to Jorge Boeri, who will walk us through the highlights of the Onshore Operations Division. Thank you. Thank you, Travassos. The process of lifting the suspension at Potiguar cluster is being finalized. As the graph shows, we see gradual resumption of operations. In addition to production returning to normal, it's important to mention the increase in steam injection. In July, we reached the same level of steam injection we had before the suspension. As I mentioned to you previously, steam is used to heat heavy oil reservoirs, improve oil flow, and consequently boost production. It is not an automatic process. It takes time. As has happened before, the reservoir is responding favorably. At Potiguar, we are beginning to drill our first exploration well at the Senhaçu field, with a primary goal of increasing gas production at the field, which accounts for 50% of the Potiguar cluster's gas production. We also have a secondary objective of producing oil. We will await the results of the tests in the coming months. Our EOR project, or enhanced oil recovery, continue to progress. Following the success of the nitrogen injection pilot test, we signed a performance-based contract with our supplier. In other words, we pay for each incremental barrel produced. We also signed a contract for the organic oil recovery project, which should begin soon, depending on customs clearance timelines. We were supposed to be starting this month, and we will begin this pilot at Canto do Amaro. Depending on the results at Canto do Amaro, we will also extend the pilot to Bahia. We are in the final stages of signing a contract with a polymer supplier to begin our polymer injection project at the Salina Cristal field. Moving to Bahia, we've had production stability throughout the year. We are now about to start gas sales from the Socorro field. Socorro is an isolated field. Since the beginning of its production history back in 1958, this field has produced both gas and oil. The gas and oil are separated. The oil is trucked out, and the gas is reinjected. We are going to reinject only a portion of that gas and will sell approximately 100,000 cu m daily as NGL. This will obviously lead to an increase in Bahia's revenue. Roughly, this will lead to 15% increase in the asset's gas sales. This will obviously have a positive impact on all indicators and on the cluster's cash flow. All of Brava's authorizations to be granted by ANP have already been obtained, and we are now only awaiting ANP's authorization regarding the supplier, expected within this month. This will also allow us to open wells that are currently shut in due to lack of capacity and potentially free up capacity for work over or drilling projects. Another area targeted for changes in the Seixas field, where we are finalizing the work needed to maximize the utilization of gas from the Pitanga formation. We estimate we will be able to complete this in the fourth quarter of the year. This will also allow for an increase in Seixas gas production and sales, in addition to providing better information on the Pitanga formation so that we can assess its true potential. Still in Bahia, the construction of the two substations in Recôncavo and Rio Ventura continues to progress as planned, and they will begin operating by the end of the year, resulting in cost reductions and improved reliability of the electrical system. Our industrial asset, Guamaré, we continue working to expand our operating capacity and reliability. We are now finalizing some very important projects, such as the construction of a new 45,000 sq m storage tank and a fourth oil treatment plant. We continue to make progress on the construction of our power plant and the oil uploading station for two trailer trucks. In June, we carried out a scheduled maintenance shutdown at our natural gas processing unit. It was completed on time and within budget, most importantly, without any safety incidents. This ensures robustness and reliability in our gas treatment process. A very important development was that in July, we broke our record for production and sales of jet fuel, taking advantage of excellent spreads. Moving on to next slide, please. Last month in Mossoró, we inaugurated our Integrated Operations Center, COI in Portuguese, at the Potiguar cluster. The COI represents a substantial change in how we operate our onshore fields and marks a watershed moment unprecedented in the Brazilian onshore sector. All technical disciplines, along with the logistics department, are brought together in a single collaborative environment. This greatly enhances the efficient use of resources. All areas requiring services are located right next to those providing the resources. Everyone can clearly see where the priorities are. Since all of the rooms are together, we have control rooms for the plants and pipelines, the well control room, the power grid control room, the drilling rig control room, and logistics. All of that maximizes the use of resources. In addition, we also have a monitoring room for drones. Drones are currently being deployed in the field with the one in Potiguar and one in Bahia, with the ultimate goal of having all visual inspection tasks done by pipes, power lines, wells, et cetera, performed by drones rather than by operators like we do it today. The drone conducts an inspection of the facility, verifies that everything is in order. If something is amiss, the drone generates a service request that is sent to the planning department. The planner dispatches the necessary resources to resolve the issue. Depending on the urgency, this can be done immediately or scheduled. We are upgrading our communication system, replacing the traditional radios that can only offer voice communication services, replacing them by systems that support both voice and data. This will give us all the necessary conditions to operate the field in a much better way. In September, we will inaugurate our Integrated Operations Center in Bahia based on the exact same concept used in Rio Grande do Norte. The main goal is, again, to significantly improve resource efficiency, speed up their detection of deviations and their efficient resolution, standardize our decisions in production process, which will lead to a significant improvement in our process safety. Thank you. I will be available to answer your questions during our Q&A. I'll turn the floor over to our CFO, Luiz Carvalho. Thank you, Boeri. Let's talk a little bit about the financial and show how the quarter's operational and commercial performance translated into consistent value creation for the company. Starting with revenue, we ended the quarter with a record result of $712 million, accounting for approximately 15% growth compared to the previous quarter and also year-over-year. This performance reflects three main factors. First was an improvement in the pricing environment, driven by the strengthening of Brent prices through the period. The second factor was the increase in volume sold particularly in Parque das Conchas and Papa-Terra. Finally, we continue to make progress in monetizing our portfolio, securing better commercial terms. Also, it is worth highlighting the balanced contribution from our various business segments, with significant contributions from offshore and onshore operations as well as downstream segment. Turning to EBITDA, we achieved yet another record result totaling $351 million for the quarter. This result underscores the resilience and diversification of our portfolio, as well as the operational discipline we have implemented throughout the company. The offshore segment continued to be the main driver of results, but onshore operations also posted very solid margins. At the same time, our operating cash flow was positive across all segments, even in a quarter marked by increased investments related to the drilling campaign. This is a particularly important point because it demonstrates the company's current ability to fund organic growth while maintaining capital discipline. Regarding lifting costs, we continue to see consistent performance. In offshore operations, the increase recorded in the quarter is primarily related to the recognition of costs incurred in prior periods at BC-10 and Papa-Terra. Onshore costs remain virtually flat. Overall, we remain confident in the trend toward cost dilution over the coming quarters as production increases, and we continue to capture economies of scale and operating efficiencies. In the second quarter, we began a new investment cycle directly associated to the integrated drilling campaign. Investments totaled $151 million, concentrated primarily in Atlanta and Papa-Terra. It's important to note that this trend does not represent a shift in our financial discipline. On the contrary, we are allocating capital to projects with high returns and significant potential to generate value for shareholders. The Atlanta project is a good example of this. Our goal is to bring forward investments to capture significant growth in production and cash generation in coming years. As for capital structure, we continue to make consistent progress in our deleveraging process. At the end of the quarter, our cash position was $965 million in a leverage ratio of 1.97x. This is the fifth consecutive quarter of reduced consolidated net debt, reflecting a combination of operating growth, cash generation, and active management of financial liabilities. We were also able to reduce the average cost of debt, which further reinforces the strength of our capital structure. Regarding cash flow, it is worth noting that we managed to maintain a robust liquidity position, even in face of increased investments in the impact of hedging instruments throughout the quarter. We also continue to make progress in managing our liabilities, focusing on reducing debt and optimizing our capital structure. Regarding hedging, we believe that the key point to highlight is that most of the negative impact has been already recognized during the second quarter. At the same time, the remaining exposure is significantly lower and continues to decrease over the coming periods. Our strategy remains based on a prudent approach, combining cash flow protection, financial flexibility, and preservation of exposure to the potential for oil price appreciation in a scenario that proved challenging from a macroeconomic perspective, coupled with a concentration of investments throughout 2026. It is also important to note that all structures were implemented without any margin calls. Finally, looking ahead to the remainder of 2026, we believe that Brava is entering a new phase. We have completed a significant cycle of operating stabilization and adjustment of the company's capital structure, resulting in a more balanced balance sheet, and we are now fully focused on the next stage of our growth trajectory. We have four very clear priorities. The first is to complete the integration and alignment process with Ecopetrol. The second is to continue increasing operating efficiency and reducing the cost of debt. The third is to maintain capital discipline and accelerate the deleveraging of the balance sheet. The fourth is to execute safely and on schedule the integrated drilling campaign at Papa-Terra and Atlanta. In summary, Brava is investing today to expand production, reduce costs, strengthen cash generation, and capitalize on a new growth cycle beginning in 2027. The combination of high-quality assets, operating excellence, and financial discipline makes us very competitive in terms of the company's future. All of this reinforces our conviction that we are building a company that is increasingly efficient and resilient, capable of seizing growth opportunities in the coming years, and prepared to generate value even in more adverse oil market scenarios. Well, before concluding, I must thank all Brava employees. Over the past few years, our teams have navigated a period of profound transformation, integration, and countless operating challenges, and they have done it and continue to do so with tremendous resilience, commitment, and a sense of ownership. The results that we are presenting today are the result of the dedication, competence, and tireless work of each and every person of the company. Thank you all very much for helping us build Brava every single day. With that, we can move to the Q&A. We will now begin the Q&A session. If you wish to ask a question, please click on the Q&A icon on the bottom of the screen and type in your question. If you want to ask questions live, click on the same icon and type in your name and company, or click on the raise hand button. First question from Gabriel Barra with Citi. Mr. Barra, your microphone is enabled. Hi, Luiz, and the whole Brava team. Thank you for taking my questions. I have two. I think the first point, inevitably, this question needs to be asked, which is the change in control of the company. To that point, Luiz, I don't know to what extent you can help us, but now that the process is being finalized with Ecopetrol now taking over control of the company, what will be the next steps in this process of change? Perhaps you can share with us the conversations with Ecopetrol and if there is any discussion regarding the transition process. We're just trying to understand, get a better sense of what the next phases and steps will be. My second question, which is also related to that process, is regarding, news regarding a possible arbitration with Westlawn. This discussion about Atlanta, how you see this. I don't know how much you can tell us, but I'd like to hear your opinion regarding what is in the joint operational agreement and what you're thinking about the operational control of Atlanta, because Brava continues to be a partner of the field. I don't know the legalese of this process. These are my two points I'd like to get your opinions about. Thank you, Barra. Always good to speak with you. Okay, let me try to address both of your questions. Regarding the transition process now with Ecopetrol, as announced in the material fact in the tender offer yesterday, the auction took place and it was successfully executed. Now we have to wait for August the 17th for the financial supplement. That's when the shares will be transferred to Ecopetrol. That's when we will start having a more structured interaction with Ecopetrol because until then, for legal reasons, I should say, we cannot interact with them or we cannot share information given the uncertainty that existed until yesterday. Now that the closing is scheduled for August the 17th, we will start having these more strategic discussions with them. In terms of what we have happening, the drilling campaign continues and Travassos will speak a little about this. There is absolutely no change in that. The company's strategy does not change in terms of seeking more efficiency, reducing leverage, reducing the cost of debt. I don't foresee any radical change in the strategy of the company in a foreseeable future or in the midterm. Regarding NTE and Westlawn, as you know, there was an arbitration decision which was favorable. It can be reversed, but it was favorable to us. There is an expectation of a final decision between the end of this year, beginning of next year. We remain very confident that our case has a legal support so that we can have a good outcome. As for Westlawn, we can't really talk about this because at the end of the day, this is at a very incipient stage. There was a request for arbitration. The arbitration tribunal has not been set yet. There is a process now of appointing the judges. We don't even really know what their claim is. After the arbitration tribunal is set, we will have to see what their claims are. To us, it's way too soon for us to make any comments here. That's it. Thank you. Thank you, Luiz. Next question from Bruno Montanari with Morgan Stanley. Mr. Montanari, go ahead. Good afternoon. Thank you for taking my questions. I have one question about the onshore strategy and another question about CapEx and production. For onshore, please correct me if I'm wrong, but we had the impression that the company was migrating more to EOR secondary and tertiary recovery than necessarily moving forward with new drilling operations. With a controlling shareholder that perhaps has more focus and perhaps more expertise in onshore mature fields, do you think that this could direct more CapEx to growth/drilling for the company? My second question, if you could give us an update regarding CapEx expectation for the second half of 2026 and what you're thinking about for 2027. The expected peak of production in each one of the clusters so that we can have fresher numbers in our mind, that would be very useful. Thank you, Montanari. We know that Ecopetrol has experience, expertise, and know-how onshore. We are definitely going to take advantage of their expertise of onshore. Our focus continues to be secondary recovery and EOR. For next year, we are planning a drilling campaign in our fields in Rio Grande do Norte and in Bahia, taking into account that we delayed this drilling campaign so that we could have an operational cash generation in 2026. Resulting from the offshore drilling campaign, which consumes a lot of CapEx. Onshore should be potentialized with the arrival of Ecopetrol because we know that they have a lot of know-how and expertise in this kind of field. They have a lot of experience in the steam project that we are developing. I think that we are going to be joining forces together. To your second question, and also adding to what Boeri has just mentioned, of course, when we do an analysis of, actually we have a chart that shows and allocates returns of projects and the paybacks. The onshore projects are the ones with the highest level of return, particularly the workovers that we perform with a shorter payback. At the end of the day, there are a lot of opportunities to be captured. As you know, we are in the process of deleveraging the company, so we are obviously trying to manage the pace of our investments. We will, of course, discuss a little bit of this strategy with Ecopetrol because as Boeri said, we can learn a lot from them. As for CapEx, you saw the level of disbursement we had in the second quarter. The trend is, given that the offshore campaign will remain at the same pace over the second half of this year, Q3 and Q4, and perhaps extending to Q1 next year, it is very likely that we will have a similar disbursement of CapEx. We shouldn't expect great surprises on that front because, again, that's the campaign plan. We have the main equipment contracted as well as the services contracted, so the numbers should remain. For 2027, we are just getting started with the budgetary cycle. That's when we are going to be discussing, and of course, it will depend on our end of 2026 results and the level of leverage. We'll discuss the opportunities. Onshore can be a focus of more investments, but we haven't got anything new of new projects for offshore. CapEx should remain at the level that we saw for the second quarter. The trend is that for 2027, we would have a normalizing of the CapEx towards a level of maintenance CapEx. I think that this was well explained. This is included and factored in in your market reports. We expect to have stronger cash generation in 2027, not just because of the reduction in CapEx given the end of the drilling campaign of four wells, but also because our production tends to grow. We will be adding four production wells that should take our production to higher volumes than what we see today. If the macroeconomic situation remains with the prices of oil, I think that 2027 has everything to be a stronger cash generation year. Thank you. Our next question is from Tasso Vasconcellos with UBS. Please go ahead, sir. Good afternoon, Luiz, Boeri, Travassos. I have two questions as well. My first question is about Atlanta. I would just like to get a general upgrade from you now that some time has gone since the new system. You had the expectation that the field would be able to produce something of the range of 40,000 bbl a day, but I think now that the actual number is close to 30,000 bbl a day. What has happened, and where were the biggest challenges? What is the pricing level that we could expect from this field with two new wells ready to ramp up, and what will be the decline expected going forward? My second question has to do with the conclusion with the Ecopetrol deal. When you look at the past few years of the company under the current management, what, in your view, would be the main deliveries and the main projects where you believed you were most successful, and where you encounter more challenges? How do you see things performing over the years or going forward? Where would you like to see the company focusing on? You would continue with a focus towards the maximizing production, pay your shareholders. What is your focus? I'll start answering the question on Atlanta. Atlanta now, that unit is stable now. It's very common for a unit in early production stages to encounter some instability in the processes, but we already overcome that. That is already in the past. Now the operation is stable, both in terms of topside and also the subsea system. This is a very unique subsea system, and I think you're very familiar with that project. What can we expect from Atlanta? We expect that with the two new wells, we will be able to maximize the asset's capacity because that's where we want to go. We do not have any goal for production level, but we expect to maximize the asset. The work going forward is that with the entry of the two wells, we will have a new stability. There will be a new gas-oil ratio, et cetera. We are now prepared to have consumers ready, production system in place, everything in place to do the pull-in of the wells. This is what we expect of Atlanta. In the mid and long range, at Brava, you will have a team that will take care of the near future, and there is another team that will take care of a more distant future. In addition to these new two wells, we see new opportunities in Atlanta. We look at our opportunities with an eye of maximizing the capacity of the asset. This is what we envision for Atlanta. Okay, I'll answer the second question. Thank you for your question, and Boeri and Travassos are free to add anything else in terms of onshore, offshore. As for deliveries, at first on the operating site, as Travassos mentioned, there was higher stabilization of production, not only in Atlanta, but also Papa-Terra. Not long ago, this was a big topic whenever we met with investors, but this is no longer the case. This is no longer the focus of attention because production is very stable. Obviously, if we look back a bit in time, the main delivery was the first oil of Atlanta. It was a pioneer project of an independent company operating in Brazil. Also, I would refer to the entire integration process, because at the end of the day, last week, Brava just celebrated its second anniversary. This involves integrating the culture and processes, this still remains the main focus of this administration, this management. We try to drive that down the entire company. We certainly have lots of other opportunities to create value. The process is still in its early stages. We still have a lot of room to go, despite all the excellent results, despite the fact that they are not very visible to the market. We've been very efficient because we managed to review all the contracts, all the deals. It's not necessarily OBZ, but all of the new hires, extension of contract maturities, this has generated important savings for the company. Obviously, we also have a huge opportunity, especially now with Ecopetrol as the controller. We have the opportunity to reduce the cost of the debt. I say that a lot. The company's cost of debt, in fact, is not in line with the risk profile because the bulk of the debt in the company occurred when we had two separate companies. One, Atlanta, was still stabilizing its production, and Papa-Terra was facing some challenges. Basically today, we are producing 80,000 bbl, and with wells close to 100, we have close to $1 billion in cash and leverage that used to be more than 3x net debt to EBITDA. Now it's at 2x. Therefore, there's many opportunities that will allow us to optimize the capital structure of the company and to reduce interest payments. We are bringing the net debt of the company down. This is not something that can be solved in only a year given our debt profile, because there are some debts that cannot be prepaid. Our bond is prepayable only after the beginning of next year. We have to see whether it would be worth it anticipating something. The short-term focus is to deliver the drilling campaign on time and on budget so that we can deliver organic growth next year throughout 2027. We will continue trying to optimize the company, be it in terms of cost of the debt, and that's it. Obviously, looking at mid and long-term, there will be a strategic discussion with Ecopetrol. Bear in mind that Brava, regardless of having a new controller, we have governance, we have limitations in terms of our debt position. We have covenants, our debenture covenants. If we surpass two and a half times, we cannot take new debt. One way or another, this protects investors at the end of the day. I don't know if you want to add anything. The main challenge that we managed to solve is to work with great efficiency. We can drill a well in a day and a half straight away. The former operator would drill in three days. We optimize the secondary recovery process, and now we are working with an AI tool that can help us optimize EOR. We have more than 800 injection wells, and this generates a lot of information and a lot of work. With this new tool, we can unleash more gains. We will continue to make progress in our culture. AI was something new. With all that, we can operate with COI, both in Rio Grande do Norte and Bahia. With that, we can enhance efficiency. We see great opportunities in onshore. As I said at the beginning, we are drilling an exploratory well. We have great expectation to add more to our gas production in Rio Grande do Norte, which is something that the state lacks. Therefore, I think we see a lot of good things ahead of us. I think I already talked about Atlanta, but as for offshore, we have a very objective program. We are focused in the drilling campaign for the four wells. This is the year of deliveries. Okay, there was the investment, and that was a very good bet. In the wells, the results so far are excellent, very much aligned with our expectations. Now the focus is in delivery with no miracle promises and without promising something that we are not sure of. We will deliver on time and with the foreseen production. Very pragmatic. That's very clear. Thank you. Next question is from Leonardo Marcondes with Bank of America. You may proceed, sir. Good afternoon, Luiz, Travassos, and Boeri. I think this is a different call because, many of the questions have no answers yet because Ecopetrol is a newcomer. If I can ask two questions. With this more normalized oil prices, I would just like to understand how you are viewing your hedging strategy. Luiz mentioned during his comments that there was no new hedging, but going forward, if we can think about more stable oil prices around $70 or $80, what could you envision going forward? My second question is about downstream. You had a very strong result this quarter. In this sense, what are you expecting for the spread to the end of the year, and whether you expect to see it above normalized levels? Thank you, Leo. Well, hold your horses there. Don't be so anxious because at the right time, we will share the strategy with you. I understand your frustration. Having such an important event like this today, we weren't able to share a lot of things with you, but very soon we will bring more details. Well, about hedging, it's exactly what you said. We didn't do anything new. Just as a reminder, our decision to hedge was a very prudent one given the macro scenario that we saw at the end of last year and early this year. We all agree that oil prices will reach $50, et cetera. We had a concentration of investments in 2026 due to our drilling campaign. Our leverage level was a bit more comfortable back then, but we did not want to re-leverage the company. Under the guidance of our board and aligned with the executive board, we decided that we would do exactly what you did. Looking back with all the information we had, we decided to protect part of our cash generation that we had for 2026 because we didn't want to re-leverage the company too much. Now, going forward, once our leverage gets closer to the ideal level, because an independent company of our size should be below 1.5x net debt to EBITDA ratio, we didn't see any need for additional hedging. Maybe you could make a tactical move, but the reading is that you don't need to have a structural hedging policy to lock up some portion of production. You could do something more tactical depending on the opportunities you see in the market. The trend is that as we get closer to our net debt to EBITDA ratio, that in our view is ideal, we shouldn't have any further hedging protection in our balance sheet. For the next coming periods or the next quarters, our protection level is a lot lower when compared to what we had in the first half of the year. Now, speaking about downstream, I think that this is also part of your question about the crack spread and products from the refinery. I will talk a little bit about Atlanta and the other fields. What we are seeing today, even in view of the geopolitical events, oil has been more volatile, but crack spread has behaved in a much healthier way when compared to what we expected earlier this year. If you look at shorter-term contracts, the levels are quite healthy. NGL and jet fuel, diesel. Cracks of our Atlanta product. This has been a positive surprise to us. Somehow, we try to tactical lock some loads when we have predictability of the load, and this has certainly helped the company's results. When we look at the curves, looking at the next deals, all of those curves going to a very strong backwardation. The expectation is for normalization as time goes by. If we look back the last few months, the curve also showed the same trend, and as the contracts were all rolled over, cracks were maintained at healthier levels. My reading is that we have some room in, and given the fact that the geopolitical scenario is maintained, we anticipate better cracks, not only in downstream like jet fuel, diesel and NGL, but also our own products. In closing, when you ask about hedging, people only look at Brent, which is the main reference. Our netback consists of other variables like Atlanta oil crack, diesel, jet fuel, et cetera. So at the end of the day, the levels are healthier than we anticipated earlier this year. That is very clear. Thank you. Next question from Mr. Vicente Falanga with Bradesco BBI. Mr. Falanga. Thank you, Luiz, Travassos, and Boeri. I have one question only. I would like to speak more about Papa-Terra, which is the next operational trigger of the company. Perhaps you could give us more detail on the timeline for completion, drilling, bringing the wells online, expected production. Speaking about the asset as a whole, are there any improvements to be made to improve reliability and operating efficiency? Thank you. Good afternoon, Vicente. Speaking about the timeline for Papa-Terra. In fact, we have been in a very positive trend, in a very structured plan. I will start speaking about the campaign, giving a little bit more color than what I presented in the presentation. Like I said, we have well 52, PPT-52 and PPT-53, the five phases are drilled and a lower completion completed, which means that we have an opportunity now to verify the potential productivity of the well. The good news is that it is very much in keeping with what we imagined. We did the whole horizontal drilling. We navigated in the reservoir, and the indicators we have point to very good productivity, and this is excellent news. It is a good sign for Papa-Terra 53. Very soon, we will begin the fifth drilling phase. In terms of potential production, what I can say is, for these two wells, we will have the two best wells in Papa-Terra. Our expectation is to have good production for this type of asset, for this type of field. Speaking about the trajectory and what we are imagining for Papa-Terra. We have been having a trend of asset recovery. We are going to have a campaign starting, that will happen for six months, and we expect to have an upgrade of reliability. We have been gradually recovering the systems at Papa-Terra, generators, compressors, gas-consuming equipment. Having duplicity of the equipment, we are now carrying out an important change, as I mentioned. One of the big offenders for Papa-Terra was the heating system. We tried exchanging the equipment. We put new equipment, it was a disaster. In addition to buying new equipment, we changed the design of the project, now using more robust equipment. The big offender of Papa-Terra has been, in my opinion, eliminated now. I said that we are in a scheduled maintenance shutdown that started on July the 29th, and one of the important focus of the shutdown is the heat exchangers replacement. Speaking more about the long- term. We have Papa-Terra in the present with integrity recovery, and we have completeness of the wells, and now we have the program for Papa-Terra for the future. That's when we are looking the neighboring areas and looking for opportunities, and they exist. As Luiz mentioned, we haven't got anything planned for FID for next year. We're still in a steady phase, we see a lot of potential in that asset, potential to be delivered so that we can improve the recovery factor. It is around 3%, and it can improve to higher levels. I think that's basically it. I'm not sure I answered everything. In terms of reliability and operational resilience of the asset, the results speak for themselves. We have operating efficiency of about 86% is the target. We are achieving 90%. After this floatel campaign, we expect to exceed 90% operating efficiency for that asset. That's basically it. Thank you. Perfect. Thank you. Next question from Yuri Pereira with Santander. Mr. Pereira, go ahead. Good afternoon. Thank you for the opportunity. In our interaction with investors, one of their main concerns about Ecopetrol is the famous production peak or accelerated depletion. Them being the controlling shareholder of Brava, they try to mitigate these risks. My question to Luiz, is there a high expectation of investment in the future? Does this compromise the current strategy for liability management? What is your view in terms of prepayment of bonds? You were recently successful in reducing the cost of debt. You see, I just want to see your expectations. Will you accelerate this strategy or not? Thank you very much. All right. I'm going to get some public information because Ecopetrol reported their earnings recently. Indeed, there is some concern. Again, this is public knowledge. Some statements of authorities in the Colombian government regarding the sustainability of production. Brava, in that context, not just because of the control, but we understand that Ecopetrol will have an opportunity not just to book the reserves that Brava can contribute, but also consolidated production. Considering public debt, I think that Ecopetrol delivered about 700,000 bbl. We are producing 80, and again, with additional four wells, we can get close to 100,000. That's a material increment in that context. You asked about CapEx, how much more CapEx could be executed, or whether this could compromise our liability management initiatives. Please remember that perhaps onshore we have a little more flexibility to accelerate or step on the brakes of investments given the dynamic of the industry. While in offshore, offshore requires more time for preparation, for contracting, for getting the critical equipment availability of the rigs and vessels. It would be very difficult to do anything for 2027. I think it is very unlikely that this would happen. As I answered in a prior question, I don't really recall who asked the question, the debt instruments that Brava has, they impose some limitations to the company. For example, we have some instruments, and if our leverage is above 1.75x, we cannot pay extraordinary dividends. If our leverage is above 2.5x, the company cannot even get new debt. CapEx can be accelerated at any given time, but there is a limit for that. It's not like you can simply think that we can double CapEx and then keep it at a very high level for a prolonged period of time. Otherwise, the leverage of the company will increase. The company will find it difficult to get more funding, regardless of having a controlling shareholder with a more robust balance sheet and a lower cost of debt. As for liability management, I think that this has been one of the primary focus for me since I joined the company because I do see a lot of opportunity, not just to reduce the cost of debt of the company, but also of reducing our gross debt. Because at the end of the day, the amount of interest that the company is paying, and again, these were loans that we got in the past because of projects that will create value. The truth is that looking forward, it might make sense to carry a lower debt and lower cash. I believe that there are still some optimizations to happen. Again, our bond will be prepayable as of the beginning of next year, February 27. Yes, there is a possibility that we are considering. Well, these are discussions we are possibly going to have with Ecopetrol in terms of opportunities. Perhaps we would have a tender of a part of the bond. I'll have to see whether there is market for that or not, and how much time we would need to prepare to execute. That continues to be a big point of attention, a big focus, particularly of my work, because I think there are a lot of opportunities to be captured in this beginning of the year. We prepared a debenture of about $150 million that had a very high cost bond. The debt that has 10% in the dollar, and it's the highest debt, $500 million. Of course, we are looking at this up close with a magnifying glass to try to capture as many opportunities as possible to reduce the cost of debt of the company and the gross debt as a whole. Thank you. Next question is from Rodrigo Almeida with BTG Pactual. Go ahead, sir. Good afternoon, everyone. I just have two follow-up questions. One is about CapEx addressed to Luiz. I don't know if we could do something together, and I don't even know that if I have in mind is something that can indeed happen. This offshore cash disbursement, how will that happen in the coming quarters? I think in the last call you said something about it, but I think that now you might have more visibility. How is your cash flow until the first oil in Atlanta, or whether you are anticipating a more concentrated cash disbursement in 2026, and the first half of 2027. If you could give us some light, it would really help us get a better understanding of your CapEx going forward in the next coming quarters. My second follow-up is on Papa-Terra. We talked a bit about the current campaign. I would like to hear from you two upsides. One, on oil pricing, if we can probably see some sort of improvement in Papa-Terra's discount. The platform operation, if this is still something that you're discussing or if this is an ongoing discussion, especially after the recovery you are doing in the platform. Okay. I will answer together with Travassos because I will talk more on the financial side because the bulk of CapEx is on offshore, and then he can talk more about that. But as I said before, Rodrigo, I would say that disbursements in the second quarter should be the same until the end of the campaign. Maybe you will see similar quarters or close to the second quarter for the next three quarters. From then on, you will see a reduction in CapEx. You still have moving around of equipment and suppliers, but I would say that the last three quarters of 2027, you should see lower CapEx vis-a-vis what we delivered in the second quarter. Okay. I know that CFO loves numbers, and I like to talk about operations. I will try to explain better to give you a better understanding about CapEx. We said that we mobilize PLSV in June, in early June. The bulk of these assets, CapEx, comes from the daily payments of that equipment, the daily fee of the equipment. Now it's in line, like Luiz was saying, with a slight increment in the second half due to the mobilization of PLSV. We also said that Papa-Terra is delivering two wells right now in the second half. We mobilize that to Atlanta, and we also said that at Atlanta, the first oil will be in the first half of next year, slightly towards the end of that first half. CapEx moves along the same lines. CapEx will be very much aligned in the coming quarters because according to our contracts, even though we still have important equipment to receive, but all of those disbursements occurred throughout time. CapEx should be very constant and, in fact, is totally aligned with the plan. The second question was about Papa-Terra's pricing. We don't disclose any details of the deals we have with our counterparts. First, because that involves NDAs, and that's also a very strategic subject for the company. That's why it doesn't make sense for us to talk about every contract. Obviously, we are constantly seeking for improvements because everybody has a target to improve the contract pricing. Papa-Terra falls into those same lines. We are doing all we can to have further flexibility, thus improving or reducing our discount rate. I am not going to disclose any figures right now. To talk about primarization, that's in the radar. It remains our focus. It will also happen in the first half of next year. We've been preparing for that. We talked to Altera & Ocyan, so this has been agreed upon, and this will certainly bring further reduction to our lifting cost. Rodrigo, yes, we will finalize it, and we will take over Papa-Terra's operation throughout the year 2027. Great. Thank you. Our next question from Enzo Sozzi with XP. Go ahead, sir. Good afternoon, Luiz, Travassos, and Boeri. Thank you for taking my question. I think we already talked about the main topics, but I would like to take this opportunity to ask a very quick question about export tax. In general, the market was taken by surprise with the tariffs, and I would just like to get a better understanding about your base scenario going forward. Thank you. In fact, we were also taken by surprise, the entire industry, not only with the first announcement that really took everyone by surprise. Later on there was, I would say, some degree of frustration when that tax was continued after ANP's decision. The way the tax was levied makes us, not only us, but our peers as well. It leads to great uncertainty because it was posted through CAMEX, and the way the document is read is that could be reviewed any moment. The scenario is very uncertain because it's very difficult for us to make any assertive measure because we don't know when that could be suspended. We chose to operate in a conservative manner using that tax, I mean, the tariff, continuously until 2027. Again, it's just an assumption of internal modeling in terms of cash disbursement and how our leverage will perform with that tax. We are not certain whether that tax will be maintained for a certain number of months or years. This is very negative to the entire industry because there is no predictability when it comes to the tax structure. Perfect. Thank you. As there are no more new questions, we are ending this conference call. We would like to thank all of you for attending.